# Table 17: Mechanism Chain — Rate Attenuation Pre-GFC vs Post-QE

| Variable | (1) Pre-GFC | (2) Pre-GFC +rate | (3) 2022-24 | (4) 2022-24 +rate |
|:---|---:|---:|---:|---:|
| Z_1 | 55.6099*** | -13.0333 | -31.2958 | 236.7751 |
| | (20.9350) | (23.6748) | (46.2139) | (173.1465) |
| Z_2 | -8.2977*** | 1.5715 | 3.7880 | -29.9610 |
| | (3.1948) | (3.2778) | (6.5530) | (21.7671) |
| Z_3 | 0.3368** | -0.0504 | -0.1346 | 1.0812 |
| | (0.1318) | (0.1268) | (0.2559) | (0.7688) |
| fiscal_bal_gdp | 0.0549 | 0.0536** | 0.1287 | -0.3001 |
| | (0.0440) | (0.0270) | (0.0949) | (0.1986) |
| nfa_gdp_lag | -0.8596** | 0.5528 | 0.0451 | 3.3723*** |
| | (0.3387) | (0.4755) | (0.6368) | (1.2320) |
| log_rel_opw | -3.4351*** | -3.8709*** | | |
| | (0.6432) | (1.4179) | | |
| kaopen | 0.2690 | -0.1369 | -0.2139 | -8.6553 |
| | (0.2702) | (0.1972) | (0.8780) | (5.3709) |
| real_bond_10y | | 0.0139 | | 0.0342 |
| | | (0.0363) | | (0.1405) |
|:---|---:|---:|---:|---:|
| Dep var | income_balance_gdp | income_balance_gdp | income_balance_gdp | income_balance_gdp |
| N | 2191 | 435 | 297 | 46 |
| R² | 0.0932 | 0.1632 | 0.0288 | 0.4600 |
| Countries | 144 | 23 | 151 | 23 |

*Panel GLS with AR(1) where feasible; OLS fallback for small samples.*
*Cols 3-4: 2022-2024 only (~69 obs). Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*